Americans would spend $2,000 more for gasoline per year by 2022, says consultancy Yardeni Research
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Because of how gasoline hikes are taking place in the US market, the consulting firm Yardeni Research announced that consumers could pay up to $2,000 a year from their family budget.
According to the consultant, this undermines the personal finances of the heads of families, since this expense is added to the costs, product of inflation, that they must assume when purchasing groceries, which means that families will have a smaller budget this year to spend on other items.
Edward Yardeni, president of the consulting firm, further explained that the average household is currently spending at least $1,000 more on food as a result of rapidly rising grocery prices: "That's $3,000 less money households have to spend on other consumer goods and serviceswhich are also experiencing rapid price increases.”
At the beginning of the year, the Federal Reserve announced that inflation would continue throughout this year, so it decided to increase interest rates in order to reduce the increases in essential products, but the conflict in Russia has changed the economic outlook of the United States, mainly due to the conflict between Ukraine and Russia.
Russia plays a fundamental role in the global energy sector, mainly because it is one of the main producers that supplies a large number of European countries. With the conflict with Ukraine underway, there has been speculation that the Russians may cut fuel supplies, which would result in a rise in energy worldwide.
The ravages of this speculative situation in the United States are already latent, yesterday, the price of gasoline in all California counties exceeded $5 dollars. According to analysis by GasBuddy, the high costs of gasoline in California can trigger that in other states it reaches $5 dollars.
President Biden claimed in his State of the Country address that his Build Back Better agenda would reduce inflation, but the environment is not helping at all and the conflict between Russia and Ukraine is complicating the already difficult inflation outlook .
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